You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Jack Dorsey’s Block Inc. Initiates Layoffs to Reach 12,000 Employee Cap

Block Inc., under the leadership of Jack Dorsey, has initiated a series of layoffs as part of its efforts to downsize its workforce by the end of the year.

As reported by Business Insider, Block has begun a phased reduction of its staff, with the goal of trimming its current workforce, which stands at around 13,000 employees, by as many as 10 individuals.

This move is aligned with the company’s strategic objective to limit its total workforce to no more than 12,000 employees by the conclusion of the year 2024.

Jack Dorsey’s Layoff Decision

In a recent message to Block employees, CEO Jack Dorsey announced the company’s decision to implement layoffs.

According to a note obtained by Business Insider, Dorsey, who is also a co-founder of Twitter, did not specify the exact number of employees affected. However, a source familiar with the situation indicated that it was close to 1,000 employees.

The layoffs primarily impacted personnel across Block’s various divisions, including Cash App, Foundational, and Square. Dorsey emphasized that these actions were part of a broader initiative aimed at streamlining operations and enhancing efficiency throughout the company.

Dorsey stated in the note, “Today our Cash App, Foundational, and Square teams are parting ways with a large number of our teammates. Following the ‘constraints’ email I sent last year, each team took some time to assess themselves with a focus on improved performance and more rigorous prioritization.”

Block’s Second Round of Downsizing

Block initially announced its intention to limit its workforce during the release of its third-quarter earnings report in November 2023.

This recent round of layoffs marks the company’s second workforce reduction in just two months. In December, Block had already cut 40 employees, primarily from its Tidal music streaming service division.

Jack Dorsey commented on the timing, saying, “Why is so much happening in one single day? All of these teams were confident in the direction they’re taking, and were ready to take action within the same 2-3 weeks.”

He further explained, “When we recognize the need for action, we prefer to act promptly rather than let issues linger indefinitely.”

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Crypto Lender Ledn Now Offers ETH-Backed Loans to Meet Growing Demand
01.03.2024By
BlackRock to Launch Brazil’s First Bitcoin ETF on March 1
01.03.2024By
Traditional Banking Titans Bank of America and Wells Fargo Look to Offer Bitcoin ETF Access
01.03.2024By

Latest news

Crypto Lender Ledn Now Offers ETH-Backed Loans to Meet Growing Demand
01.03.2024
BlackRock to Launch Brazil’s First Bitcoin ETF on March 1
01.03.2024
Traditional Banking Titans Bank of America and Wells Fargo Look to Offer Bitcoin ETF Access
01.03.2024
Telegram to Launch Advertising Platform Using TON Blockchain
29.02.2024
3 Crypto Experts Predict This New Coin Might 50x In March
29.02.2024
Expert Take: Rising DeFi TVL is Silencing the Doubters
29.02.2024
Aura CEO: Luxury Industry on Verge of Embracing Crypto with On-Chain Digital Passports
29.02.2024
Crypto Lender Ledn Now Offers ETH-Backed Loans to Meet Growing Demand
29.02.2024
Spot Bitcoin ETFs See $7.7 Billion in Daily Trading Volume as BTC Price Races Towards ATH
29.02.2024
Morgan Stanley Considering Spot Bitcoin ETFs for Brokerage Platform: Report
29.02.2024